XRP (XRP) Plummets Sharply This Week Amidst Market Crash, Network Glitch, and Tariffs

Times have been tough for the crypto community for about a week. Even the token giants like ETH and BTC have plummeted sharply in the last week.

The crypto community has had a rough week, with even token giants like ETH and BTC taking a sharp downturn in the last seven days. As a result, many coins lost upto 50% of their overall value. This trend was seen all across the market, and XRP was not the only one.

However, XRP had some added problems that caused its price to drop. The first problem that XRP was facing was a glitch in the network. Amidst such a tumultuous time, XRP faced another set of prob;lem when its network glitched. A network issue led the token’s underlying blockchain to go dark. As a result, key processes like network validation came to an abrupt halt. The technical team had to get into the problem and fix it manually.

The outage caused widespread panic among investors. As a result, many investors and stakeholders panicked, leading to a sharp drop. Many investors and stakeholders criticized the company and questioned the token’s security array. This technical issue came in the light of the major XRP revolution.

XRP is currently pushing for major adoption across the industry. As a Result, an outage at this stage does not look good.

Fuel To The Fire

Tariffs did not help the cause either. Apart from large-scale power outages, there was also the issue of changing tariffs. POTUS Donald Trump levied additional tariffs on countries like China, Mexico, and Canada this week. As a result, the trio slapped the USA with retaliatory measures. Canada replied with an additional tariff on US-based goods. China restricted exports and levied additional charges on US imports. Lastly, Mexico slapped a retaliatory tariff on the US. As a result, the world is currently standing at the cusp of a trade war.

The reason behind such a drastic decision, as per Trump, was to deter unauthorized immigration and substance smuggling. Sources suggest that Trump and his cabinet hold these countries responsible for the said problem. Therefore, the newly decided tariff plan was to generate governmental revenue to combat these problems and encourage the nations to deal with the said problem.

This led to a mass panic among investors who dumped their digital assets to minimize loss and maximize profits. Therefore, the market was saturated with liquidated crypto, driving prices further down. As a result, adding fuel to an already raging fire. The worst part is that the ordeal is not over. The prices of tokens will fall further unless America and its trade partners agree.

Is The Future Bright?

Before this week, XRP was performing quite well. The token and its value skyrocketed, and many investors believe it might allow them to break even. Therefore, even though short-term projections might show limited scope, things can change when optics are adjusted. In other words, XRP might perform well or better than how it is performing now. Follow us for more crypto news.